Although traditional loans are helpful when making large business purchases, such as a new office building or warehouse lease, they are not needed for the more every day business expenditures. Business lines of credit are very useful when a business needs to make monthly purchases or investments to continue growing and moving forward. Below are five examples of how to grow a business by using lines of credit to make certain purchases.

1. Hire More Staff.

The amount of money a company spends on staff members is extremely high. Lines of credit can help a business hire more employees. Even if you don’t use it for paychecks, you can use a line of credit to purchase uniforms, more office equipment and technology, or a health insurance policy. Any little bit of help is useful when you need more employees to boost your company’s production and profits.

2. Invest.

Lines of credit can also be used for investing in your own company. Instead of hiring new employees, you can invest in your current employees by sending them to conferences, training programs, or retreats. Cash flow is needed for daily operations, so you could also use the line of credit to pay your employees’ salaries during seasonal slow downs or a poor economy.

3. Increase Marketing Strategies.

Strong marketing strategies often cost more than you may expect. Marketing gets the word out about new products and special promotions, so investing money in marketing is always useful. Use lines of credit to purchase a social media analysis program, hire social media influencers, print mailer ads, or produce and film a commercial for local channels.

4. Buy Specialized Equipment.

Many businesses rely on special equipment to create their products. A line of credit is an excellent way to purchase new equipment or make any necessary repairs to existing equipment. Because of the line of credit’s payment structure, you will only need to pay interest on the equipment itself, instead of paying back an entire loan for a single purchase.

5. Purchase More Inventory.

Hopefully your business venture is booming and seeing more and more success. As you earn higher profits, and create more cash flow, your inventory naturally will need to expand. Long-term loans are not worthwhile for purchases that are made frequently, like monthly purchases of goods, building parts, or machinery.

Apply for a business line of credit today, and use it to make forward-thinking purchases to help grow your business.